PUMP PATROL: Experts predict New Jersey average gas prices could hit $5.50 a gallon soon
Gas prices have been so high lately that New Jersey residents will take any decrease they can find.
Although prices did increase again nationally overnight, there was about a half a cent decline in New Jersey.
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According to the experts, prices will not soon be coming down.
Moody’s Analytics predicts they could hit $5.50 within a couple of weeks.
A variety of reasons are playing a part -- Russia’s invasion of Ukraine, crimping oil supply and bumping up demand. So, there’s no sign that new supply, reduced demand or an outbreak of stability will bring relief.
A year ago, residents were paying just over $3 a gallon.